Piermont Capital Management adds PS Business Parks Inc (PSB) to its portfolio

PS Business Parks Inc (PSB) : Piermont Capital Management added new position in PS Business Parks Inc during the most recent quarter end. The investment management firm now holds 36,044 shares of PS Business Parks Inc which is valued at $3,976,374 , the company said in a statement filed on Aug 12, 2016 with the SEC.PS Business Parks Inc makes up approximately 0.97% of Piermont Capital Management’s portfolio.

Other Hedge Funds, Including , Nuveen Asset Management boosted its stake in PSB in the latest quarter, The investment management firm added 50,087 additional shares and now holds a total of 152,193 shares of PS Business Parks Inc which is valued at $16,789,932. PS Business Parks Inc makes up approx 0.10% of Nuveen Asset Management’s portfolio.Rhumbline Advisers reduced its stake in PSB by selling 8,894 shares or 19.47% in the most recent quarter. The Hedge Fund company now holds 36,784 shares of PSB which is valued at $4,058,011. PS Business Parks Inc makes up approx 0.01% of Rhumbline Advisers’s portfolio.Credit Agricole S A boosted its stake in PSB in the latest quarter, The investment management firm added 689 additional shares and now holds a total of 7,564 shares of PS Business Parks Inc which is valued at $834,460.

PS Business Parks Inc opened for trading at $110.29 and hit $111.69 on the upside on Monday, eventually ending the session at $110.85, with a gain of 1.01% or 1.11 points. The heightened volatility saw the trading volume jump to 53,378 shares. Company has a market cap of $3,002 M.

On the company’s financial health, PS Business Parks Inc reported $1.26 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $1.25. The company had revenue of $95.80 million for the quarter, compared to analysts expectations of $94.49 million. The company’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.13 EPS.

Investors should note that on Jul 26, 2016, PS Business Parks Inc announced a cash dividend of $0.7500. The company’s management has announced Sep 12, 2016 as the ex-dividend date and fixed the record date on Sep 14, 2016. The payable date has been fixed on Sep 29, 2016.

PS Business Parks Inc. (PSB) is a self-advised and self-managed real estate investment trust. The Company owns operates acquires and develops commercial properties primarily multi-tenant flex office and industrial parks. PS Business Parks L.P. is a California limited partnership which owns directly or indirectly all of its assets and through which the Company conducts its businesses. It owns and operates around 28.6 million rentable square feet of commercial space comprising around 103 business parks concentrated primarily in states such as California Florida Maryland Texas Virginia and Washington. It owns a range of properties which include Charcot Business Park II McNeil 1 Springlake Business Center II Arapaho Business Park 9 and MICC – Center 23 among others. It owns around 15.1 million square feet of flex space and 8.8 million square feet of industrial space. The Company also manages around 1.1 million rentable square feet on behalf of Public Storage (PS).

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